Spokane (WA) Auto Loans

Car and truck loans make it possible to purchase a new car, truck, or suv, even if you have minimal money. Whether your loan gets funded or not will depend on a wide variety of factors, which include your credit score, monthly income, where you live, stability of income, down payment, and debt to income ratio. For those who want to obtain the most affordable interest rate available, we can help. A local finance specialist can walk you through the process, helping you get the loan you need from a lender that won’t charge you a fortune.

Auto Loan Rates in Spokane

Many loan providers only show you the lowest rate they offer, limited to consumers with great credit. The truth is, your annual percentage rate varies hugely based on your FICO score, as well as other variables. The rates displayed below are only for informational purposes. These aren’t advertisements, and your exact rate could deviate greatly from what’s seen below.

FICO Rating

New Car

Used Car

Excellent

3.5%

3.7%

Good

4.9%

5.6%

Average

6.7%

7.2%

Subprime

9.7%

8.5%

Bad

14.2%

17.5%

Very Bad

15.9%

NA

Used Car Financing in Spokane

Yes, the rates of interest for a used car are more expensive than the rates for a brand new one. Having said that, new vehicles depreciate so quickly, used vehicles are generally the better investment. Have a look at the comparison below, which depicts the costs associated with car loans for brand new versus pre-owned vehicles.

Age

Price

APR

Months

Payment

Interest

Total

New

$17,900

6.00%

60

$346.06

$2,863

$20,763

1 Year

$14,320

7.50%

60

$286.94

$2,897

$17,217

2 Years

$12,172

7.50%

60

$243.90

$2,462

$14,634

3 Years

$10,346

7.50%

60

$207.32

$2,093

$12,439

A pre-owned vehicle makes a great option, regardless of whether you’re getting a loan or not. As a rule, you can finance a car that is up to ten years old. Mileage restrictions may apply.

Poor Credit Car Loans in Spokane

Your credit score is the very first thing finance companies assess when considering you for financing. Few things are more humiliating than being turned away from the car dealership. Like any large investment, it’s smart to deal with a professional who can direct you through the process.

In Spokane, buy here pay here car dealerships wind up catering to individuals who have considerable credit issues of one variety or another. No, your credit isn’t going to be an obstacle, but you will find yourself coughing up a ton in interest for an outdated vehicle.

Basically, it’s best to go to a local bank, credit union, or lender. The rates will undoubtedly be less expensive, the terms improved, and you have the chance to boost your credit score in the process.

Spokane Credit Repair

Apart from opting for a more economical vehicle, the most effective way to trim your monthly installment is by boosting your credit. Is your credit report marked by any mistakes? These can harm your credit score quite drastically. Lots of folks don’t know that, once per year, you can check your credit report completely free via www.annualcreditreport.com. Reporting discrepancies is actually pretty simple. You can do it on your own, or solicit one of Spokane’s many credit improvement services to assist you. Other things that might lower your interest rate:

Adding a cosigner.

Supplying a larger down payment.

Obtaining a new vehicle instead of preowned.

No Down Payment Financing in Spokane

Are you trying to finance a car, but you have no cash to put down? If you have top-notch credit, the majority of loan companies will waive the down payment requirement. If your credit is only fair, however, a down payment of 10-20% is usually a requirement. Lack of a down payment increases the risk of the loan, increasing your rate of interest. If you’ve got first-rate credit, this isn’t an issue, as your rate is affordable as is. If you have below-average credit, such a high interest loan is never the best idea. You’re better off saving money for a down payment, or trading in your old vehicle for equity.